APC stalwarts at the inauguration of the party’s restructuring committee in Abuja on Thursday. Photo: Twitter

The ruling All Progressives Congress (APC) says the Peoples Democratic Party (PDP) needs to wake up to new realities as the days of borrowing to pay salaries and fund bogus projects are over.

The APC, through its National Publicity Secretary, Bolaji Abdullahi, in a statement issued on Sunday in Abuja, reacted to the PDP’s comment on the plan by the President Muhammadu Buhari administration to obtain a $5.5 billion foreign loan.

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The party said developing countries resort to borrowing to finance economic development projects because taxation and other revenue streams might not necessarily provide sufficient funds for economic development.

The APC said the recent borrowing plans proposed by President Buhari are no different as the president had stated in his request to the National Assembly that the loan would be used to finance the 2017 budget deficit and invest in verifiable infrastructure project which would grow the economy.

The party described the PDP’s claim that it “meritoriously” governed the country for 16 years and “handed over a buoyant economy to the APC in 2015” as “a new height of PDP’s insensitivity to the populace”.

The statement added that the claim had further exposed the PDP as being unapologetic about the rot it left the country after its 16-year rule.